Written by:
Damjan Jugovic Spajic
Fact checked by:
Alex Windsor
Updated:
February 8, 2024

DraftKings Payouts for US Players

DraftKings Payouts

DraftKings is one of the most popular sportsbooks and online casinos in the US, with its platform present in as many as 22 states. Its established tradition of offering high-quality betting action has led to it becoming a household name.

Players appreciate its in-game wagering options, numerous available bet types, live streaming options, and, most of all, its user-friendliness. However, does this extend to the banking aspect of the platform and its payout process? How do withdrawals work? What are the available options, processing times, and fees? Let’s find out.

What Are DraftKings Withdrawal Options?

When joining DraftKings, users expect to see many withdrawal methods at their disposal, and the popular sportsbook does not disappoint, as it offers around a dozen alternatives.

Still, there are some variations as to which options a person can use in different cases, so I decided to dig deeper into the site and the Help page. Here’s an overview of what I’ve learned:

How to Withdraw Winnings From DraftKings

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Withdrawing winnings from DraftKings is relatively easy, but there are some differences depending on the exact method you’re using. Still, as long as you follow the site’s instructions, respect the terms, and know how to generate the payment info required, it will be a breeze.

And if you ever get stuck, you can always check the Help and FAQ sections or ask customer support.

Draftkings Sportsbook FAQs

Here’s a step-by-step explanation of how that works on a computer and what you need to do to get paid quickly:

  1. Log in to your DraftKings account.
  2. Click your profile photo located in the top right corner.
  3. Select Account Information.
  4. Look at the options on the left and hit Withdraw.
  5. Read through the information and click Got It.
  6. Enter the amount you want to cash out in the “How much you want to withdraw” field. It should be within the limits of the available amount shown on the right.
  7. Click Continue.
  8. Pick one of the available payment options.
  9. Input the required details.
  10. Click Request Withdrawal to complete the process.

Bear in mind that the process is slightly different when using a phone or the mobile betting app, but as you can see in the picture above, DraftKings has detailed instructions for all devices.

Payout Times and fees at DraftKings

DraftKings doesn’t charge fees on withdrawals, and the payout times are different for each cashout option. Here’s a breakdown:

💳Withdrawal method⏱️Payout time
Debit card1 business day
Online bankingUp to 5 business days
Bank wire transfersUp to 2 business days
VenmoUp to 2 business days
Checks up to $100Up to 14 business days
Checks from $100.01 to $1,999Up to 5 business days
Checks higher than $2,000Up to 3 business days
VIP Preferred e-checkUp to 3 business days
Trustly1 business day
PayPalUp to 2 business days
Apple Pay1 business day
Play+ Prepaid CardUp to 4 business days
Cage1 hour

What Are DraftKings Payout Terms & Conditions

DraftKings Payout Terms & Conditions

The way DraftKings works is that before cashing out funds, you must confirm your identity. Once that’s over, you need to have withdrawable winnings or prize money from contests. Bonus funds, promo credit, or deposits you haven’t played through cannot be withdrawn.

Once you’ve ticked all these boxes, you need to be aware of a few restrictions:

Draftkings Payment Options

Possible Winnings Restrictions at DraftKings

DraftKings can deny you your winnings for several reasons, and it can even cancel your withdrawal request. However, the problem is straightforward in an overwhelming number of cases, and more importantly, you can solve it quickly. Let’s review the main reasons why you’re not getting paid.

Check that you’ve provided the right address. If you’re using checks, you can only use the verified address in connection with your account.

DraftKings reserves the right to cancel a payment because of limited gameplay. Several things can constitute limited gameplay, so you need to review the Terms of Use.

You cannot withdraw bonus funds or promo credit, only the available balance. It will be clearly marked as such in the Withdrawal section.

Deposited funds are not available for withdrawal. You have to complete the playthrough requirements first.

FAQs

  • Does DraftKings pay out real money?
    Yes, DraftKings pays out real money. You’re free to withdraw all of your winnings and earnings except for pending bonus funds or other promo credits that are not withdrawable.
  • How do payouts work on DraftKings?
    The way payouts work is simple — as soon as you’ve won a bet, the funds will be available for cashout, so all you need to do is visit the Withdrawal section and request a payout. We’ve provided detailed explanations in this guide.
  • Does DraftKings cash out instantly?
    No, DraftKings doesn’t let you cash out instantly. The site processes withdrawal requests daily between 9 a.m. and 5 p.m. EST. Moreover, the time it takes to receive the payout depends on the withdrawal method you have selected.
  • What is the fastest payout on DraftKings?
    The quickest payout on DraftKings is cash at a Cage, but this means you have to go to a brick-and-mortar casino resort or sportsbook. The fastest online payment options are debit cards, Trustly, and Apple Pay, which take up to a day to complete.
  • Why won't DraftKings let me cash out?
    This depends on the situation, but the most common reason is that you’re trying to withdraw a bonus or deposited funds that you haven’t played through. Other than that, your withdrawal information, like your address, could be incorrect.
AUTHOR
Damjan Jugovic Spajic

A soccer and eSports fan who always roots for the worst possible teams, Damjan is a resident writer and contributor at Minimum Deposit Betting Sites. With over 5 years of experience in the online casino and sports betting industry, he largely focuses on writing reviews and testing out bookmaker transaction processes.